Cathie Wood Led Ark Invest Sells $7.5M Worth Robinhood Stock
- Earlier, the company, in fact, sold 66,200 shares of HOOD for $1.46 million on June 7th.
- Ark Invest sold 323,801 Robinhood shares, spread throughout its three funds.
June 10, 2024, saw major trading activity at Ark Invest, headed by Cathie Wood, including a large sell-off of Robinhood Markets Inc. (HOOD). Regardless of the cryptocurrency exchanges purchase of Bitstamp, the company has persisted in selling off Robinhood shares. In addition, after Ark Invests sale of more than $7.5 million worth of HOOD shares, the stock price plunged in todays pre-market trading.
This most recent report indicates that Ark sold 323,801 Robinhood shares, spread throughout its three funds: Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).
Rebalancing Holdings
Also, in terms of financial value, this sale ended up being Arks biggest dollar-value transaction of the day. This shift is part of Ark Invests ongoing strategy to rebalance its holdings toward industries with strong potential for future development, such as biotechnology and technology.
Ark boosted its investments in several biotech and tech businesses at the same time it lowered its exposure to Robinhood. This shows how confident it is in the future of these sectors. The most recent drop in pricing also shows that Ark Invest made a killing off of Mondays HOOD stock price surge.
Ark Invest, which Cathie Wood founded, has previously sold a large portion of its Coinbase Global, Inc. (COIN) holdings. The company, in fact, sold 66,200 shares of HOOD for $1.46 million on June 7th.
Following Ark Invests latest selloff, Robinhood stock fell 2.13 percent to $22.92 on Tuesday, June 11s pre-market session. At the time of writing, it recovered a little and is now trading at $23.08.
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